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BW Offshore (BWO) investor relations material
BW Offshore Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Q3 2025 EBITDA was $43.9 million, with net profit of $23.3 million and strong cash flow; BW Opal achieved first gas and began partial day-rate revenue, with full contract start expected in Q1 2026.
Signed Heads of Agreement with Equinor for Bay du Nord FPSO, progressing toward FEED in early 2026 and contract award by end 2026.
Established a joint venture with BW Group to design and build floating desalination units, targeting first deployment by end of next year and global municipal and industrial clients.
BW Ideol is advancing floating wind projects, including Eolmed and Buchan, and secured a €74 million EU grant for its fabrication line in France.
Q3 cash dividend declared at $11 million ($0.063 per share), with a continued focus on attractive shareholder returns.
Financial highlights
Q3 2025 EBITDA was $43.9 million, with net profit of $23.3 million and year-to-date net profit above $110 million.
Q3 operating cash flow was $142 million, with period-end cash at $388 million and available liquidity of $624 million.
Q3 2025 operating revenues were $101.2 million, down from $127.8 million in Q2.
Equity ratio stood at 30.5% at quarter end.
Net cash positive position of $186.6 million as of 30 September 2025.
Outlook and guidance
Full-year 2025 EBITDA guidance narrowed to $240-$250 million, with 2026 EBITDA expected to increase as BW Opal contract starts.
Practical completion and formal contract start for BW Opal expected in Q1 2026, with full day rate and IFRS revenue recognition.
Several FPSO projects, including Bay du Nord, are expected to reach final investment decisions within 12-36 months.
Commitment to maintaining an attractive shareholder return program, with a 50% net profit payout ratio and potential for upsizing.
No significant change in net profit expected in Q4 versus Q3.
When will BW Opal full dayrate revenue be recognized?
What are key milestones for Bay du Nord contract award?
Detail FDU market potential and deployment strategy
FDU: First contract timeline and client segments
FPSO project risk management strategy details
Nganhurra FPSO: Target projects and timeline
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Next BW Offshore earnings date
Q4 202527 Feb, 2026
Next BW Offshore earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
BW Offshore Limited, an oil and gas company, provides floating production services to the offshore oil and gas industry worldwide. It is also engaged in the engineering of offshore production solutions for deepwater and harsh environments, as well as oil recovery. The company was formerly known as Bergesen Worldwide Offshore Limited and changed its name to BW Offshore Limited in May 2007. BW Offshore Limited was founded in 1982 and is based in Oslo, Norway.
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